Operating a business comes with many different challenges today. Since every business is different, each business owner will need to know what they will responsible for before they open up their doors to public. In some cases, however, a business may not be operated via a brick and mortar structure since the owner may responsible for an online business only. In fact, because each operation is different, it is essential that each business owner to do their own research to identify what types of small business insurance Vancouver that they will need in order to be covered in case there is a problem that leaves them vulnerable to a lawsuit. With that said, here’s some information about different types of small business insurance that owners should review, specifically if they want to see which ones will apply to their business and its circumstances.
Workers Compensation Insurance
Brick and mortar businesses should pay special attention to this type of insurance if they want to make sure that their business operations are covered at all times. Based on numerous creditable resources, this type of insurance is not a luxury, but a necessity in most states In Canada Meaning this type of insurance is required by law so the business may be subject to certain penalties without it. This type of insurance covers the business in case of various kinds of injuries and accidents onsite. For instance, if the business operation is a grocery store, it covers the employees if they slip and fall and injure themselves. It pays for a number of different things, specifically medical expenses that’s incurred with doctor bills.
Life Insurance / Key Executives
Life Insurance can also be purchased under the business’ name and it is designed to cover key executives. These are professionals who play a key role in the operations, and they critical to the success or failure of the business operations. In these cases, the business actually pays for the premiums and it is written on the books as an asset.
General Liability Insurance
General liability Insurance is also essential for any small or large business. This is because this type of coverage protects the business from a wide variety of different claims. For example, it keeps the business from having to pay legal cost out of pocket for injuries, accidents, slander and other things that an individual or another organization may want to file a claim against the business for.